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Manufacturers See Increase in Employment

For release: October 16, 2003
Contact: Kathy Woodbury, (215) 574-4119

The Federal Reserve Bank of Philadelphia today released its Business Outlook Survey for October. Activity in the region's manufacturing sector improved notably. Most of the indicators increased this month. Survey participants were asked about the impact of the latest recession on production at their plants.

Philadelphia Federal Reserve Senior Economic Analyst Mike Trebing summarized the survey:

"Manufacturing in the region is showing clearer signs of a pickup. Indexes for general activity, new orders, and shipments are notably higher this month. Responses from participating firms also indicated that both average hours and employment at their plants were higher this month. Expectations for continued growth remain favorable, and an increasing proportion of firms expects employment increases over the next six months."

This survey, which was started in 1968, gathers information on the manufacturing industry in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey, and Delaware. Participation in the survey is limited to manufacturing firms with plants in the area with more than 100 employees. The survey asks about the current pace of business in the participants' plants and their future expectations of business.

To arrange an interview, please contact Kathy Woodbury, the Bank's assistant media advisor, at (215) 574-4119. The next Business Outlook Survey will be released November 20, 2003, at noon and will be made available on this web site and over PR Newswire. The aggregate historical data series is also available on the Bank's web site.

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Media Contacts

Marilyn Wimp, ABC E-mail
Manager of Media Relations
(215) 574-4197
(267) 254-4555 (cell)

Daneil Mazone E-mail
Media Relations Representative
(215) 574-7163
(267) 535-1808 (cell)